I am pleased to submit the project report on the topic you have assigned me, "Mobile Banking Practices in Bangladesh." In preparing this report, I did my best to follow your instructions. I made an honest effort to preserve your recommendations and comments carefully while submitting this project paper. I hereby declare that the project paper is based on my original work with the exception of quotations and citations that have been duly acknowledged.
Despite being a newer service in the country, mobile banking is gaining popularity due to the need to match traditional banking facilities. This project paper was created to fulfill the requirement to complete the BBA program. This project document includes chapters entitled Introduction, Literature Review, Methodology, Analysis and Findings, and Recommendations and Conclusions.
And they are using bKash mobile banking service instead of other services like Nagad and Rocket. Thus, the research will provide insights and details into the rapidly growing mobile banking industry of Bangladesh.
INTRODUCTION
B ACKGROUND OF THE S TUDY
O BJECTIVES OF THE S TUDY
S COPE OF THE S TUDY
Later, CDMA (Code-Division Multiple Access) technology was introduced and mobile banking services were first available in September 2011 under the clear directive of the Central Bank of Bangladesh on "Mobile Financial Services for Banks". Although the mobile banking service is newer in the country, the mobile banking service has rapidly gained popularity due to the need for adequate traditional banking facilities (Hasan, 2020). Nowadays, customers use mobile banking in their daily lives, and there is a close connection between mobile banking and e-commerce. Any customer can use mobile banking services to purchase products from e-commerce websites as mobile banking makes it easy to make online shopping payments.
Mobile banking developers work by consulting with customers and outlining all customer requirements for the business. It assesses the progress of Mobile Banking implementation in Bangladesh and verifies the security and confidentiality of the system.
LITERATURE REVIEW
- I NTRODUCTION
- Mobile Banking Scenario in Different Countries and Bangladesh
- M OBILE B ANKING P ROCEDURE
- M OBILE B ANKING S ERVICES
One of the most exciting technological developments of the past decade has been the rise of mobile phones in developing countries. Surprisingly, more academic research needs to be done on the impact of mobile banking systems on developing countries. According to this study, many mobile banking systems are used in Bangladesh for bill payment, savings and remittance, but less for credit and insurance (Akhtaruzzaman et al., 2017).
As virtual banking evolves, banks must try to find new strategies to attract customers; An observation found that 83% of respondents use flexible banking, showing that the extent is not an immediate result of declining entertainment activity, but rather near universality, in which explosion is more distinguished from customers who are new to banks instead of those new to portable contributions. In the perception of cell banking's powerful function view, 83% of respondents said they use cell banking, and. The ideal financial and environmental factors are viewed over an important column, notwithstanding an enabling agent of the money-related increment (Koivu, 2002).
Based on the survey among experts on e-banking in Estonian banks, Estonia has achieved considerable success in implementing e-banking and is also at the top of the list in emerging countries. All the central banks are developing e-business as one of the core strategies for future development. Issues such as implementation, legislative framework, estimated business case, implementation scenarios, recommended business model, á SWOT analysis of the technical solutions, organizational bottlenecks, an analysis of the causes of success and failures and open issues and challenges are addressed.
The main goal is to try to answer whether there is a market for mobile banking in the Netherlands, by analyzing why M-banking is not so successful in the Netherlands. Brzozowski and iwińska-Gorzelak (2013) reported that the financial innovations and increased integration of capital markets have made the nature of the balance of payments turmoil much more complex than described by first-generation models. Mobile banking apps: The purchaser is expected to download the status quo's mobile banking software associated with the money from the utility, basically subordinated to the progress and model of the smartphone they are using.
Activation Technique: The downloaded mobile banking software should be sanctioned with the help of using two or 3 simple advancements. The charity's cell phone assortment should be registered with the monetary organization a good method to get the section at the mobile banking office. However, the limit of customers is intrigued by the seemingly basic exchanges along with questions about account health and charging cost.
Another test for banks is commensurate with the comprehensive banking framework to deal with the dramatic development of the customer base. With versatile, the customer can be sitting in any part of the world (certified at any point, wherever the bank is) in addition, the banks to ensure that the systems are fully functional in a true 24 x 7 style.
METHODOLOGY
- I NTRODUCTION
- R ESEARCH D ESIGN
- S AMPLING P LAN
- D ATA C OLLECTION M ETHOD
- L IMITATION OF THE S TUDY
The procedures used to find, select, process and analyze information on a topic are called research methodology. Exploratory: Exploratory research is preliminary research to clarify the exact nature of the problem to be solved. It is most often used to clarify a company's concerns, potential areas of growth, and alternative ways of doing things.
In contrast to exploratory research, descriptive research is organized and structured in such a way that the data collected can be statistically inferred from a population. The purpose of causal research is to explain the cause and effect relationship between variables. This is in contrast to descriptive research's observational style, which uses experiments to determine whether a relationship is causal.
A sampling plan will address who to survey, how many to survey, and how to select them. In other words, the sampling plan will deal with three topics sampling unit, sample size and sampling procedure. Here, the study included 40 mobile banking users and the selection procedure followed a simple random sample.
ANALYSIS AND FINDINGS
D ATA ANALYSIS
A NALYTICAL T OOLS
30% of people use Nagad, 12% of people use Rocket and 8% use other mobile banking services. Interpretation: Twenty people strongly agree, 12 agree, two are neutral, four disagree and two strongly disagree when asked this question. Interpretation: Twelve people strongly disagree, 12 disagree, eight are neutral, three strongly agree and five agree.
Interpretation: 25% strongly trust their security, 20% trust their security, 10% are neutral, 30% strongly disagree and 15% disagree about their security concerns. Interpretation: Seven people agree that the system is secure, 15 people strongly agree, five people are neutral and eight people disagree that the system is secure. Interpretation: 30% of people are not satisfied with the speed and 70% are satisfied with the speed.
Interpretation: Here 35% people are very satisfied, 30% are satisfied, average satisfaction is 20%, 10% are dissatisfied and other 5% are very dissatisfied. Interpretation: 75% of people are recommended to use mobile banking to others and 30% of people are not recommended to others.
RECOMMENDATIONS AND CONCLUSION
RECOMMENDATIONS
C ONCLUSION
I have some recommendations regarding the practice of mobile banking in Bangladesh regarding the issue of security, cost per transaction and customer satisfaction, all of which are described below. Increasingly visible association actions are moving to application-based help, so maintaining the convenience of flexible applications for better user experience and neighborhood is an important test. An organization that would initially bring a more upgraded security framework would have the added benefit of capturing a more significant piece of the pie.
Mobile banking is mainly used by family households to pay bills and purchase goods online or offline. Further work in this area is highly recommended so that others in the industry can be kept abreast of the dynamics of the mobile banking sector in Bangladesh. Department of Communications and Publications, Bangladesh Bank. 2006), "The Enabling Environment for Mobile Banking in Africa".
